Canadian Dollar FX Update November 21, 2017
USD/CAD Open: 1.2794-1.2795 Overnight Range: 1.2789-1.2837
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.23 and gold is at $1,279. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2851. Support is at 1.2764.
The Canadian dollar is lower this morning, in light trade leading up to the U.S. holidays at the end of the week. Monetary policy remains dominant, with the recent moderation of rate hike expectations in Canada weighing on CAD. There are no major data releases scheduled ahead of Thursday’s retail sales data. Widening yield spreads between the U.S. and Canada are USD supportive. Oil prices are steady around recent levels.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | November 21, 2017 | Daily Update |
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